Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells $1,476,000.00 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Beam Therapeutics Trading Up 0.4 %

Shares of BEAM traded up $0.09 during mid-day trading on Wednesday, reaching $23.50. The company’s stock had a trading volume of 610,986 shares, compared to its average volume of 1,253,272. The stock has a market cap of $1.93 billion, a PE ratio of -13.15 and a beta of 1.86. Beam Therapeutics Inc. has a 52 week low of $16.95 and a 52 week high of $49.50. The company’s fifty day moving average price is $25.97 and its two-hundred day moving average price is $25.78.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The firm had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. During the same period in the previous year, the business posted ($1.08) EPS. The business’s quarterly revenue was down 41.3% on a year-over-year basis. Research analysts anticipate that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BEAM. Barclays lowered their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Stifel Nicolaus raised their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $27.00 target price on shares of Beam Therapeutics in a research note on Thursday, September 19th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $44.18.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BEAM. ARCH Venture Management LLC purchased a new position in shares of Beam Therapeutics in the second quarter worth $127,530,000. Farallon Capital Management LLC increased its position in Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after purchasing an additional 3,401,370 shares during the period. Darwin Global Management Ltd. purchased a new position in Beam Therapeutics during the 1st quarter valued at $70,032,000. Price T Rowe Associates Inc. MD increased its position in Beam Therapeutics by 3,137.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after purchasing an additional 1,207,699 shares during the period. Finally, Bellevue Group AG increased its position in Beam Therapeutics by 71.7% during the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after purchasing an additional 498,300 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.